Rolfe Winkler
Option ARMageddon
Bank Failure Friday
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Sheila got an early start this week, normally the first failures happen after 6PM EST.
- Failed bank: Georgian Bank, Atlanta GA
- Acquiring bank: First Citizens Bank & Trust
- Vitals: as of July 24th, assets of $2 billion, deposits of ~$2 billion
- DIF Damage: $892 million
Yet another failure in Georgia!
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Looks like we are going to get TARP jr.! We had too big to fail so now we are going to get ‘too small or too minority to fail. Sheesh, will the bailouts never end?
Guess we’re still stuck in that nasty Bair market.
The FDIC takeover is not a bailout — it is just the opposite — it is the “closure” of 2 banks. (has absolutely nothing to do with Tarp)
Another bank may purchase the failed banks, and if not,
then the assets will be sold to another willing buyer. The FDIC will cover up to $250,000 per account (if properly vested) and those funds come from “all” Banks in a form of dues based on bank deposits.
This is the FDIC not the Fed (which is a private corporation).